The global carbon market saw a record number of forward-delivered contracts in the third quarter of 2025, marking a rebound in activity and investor confidence. Data shows 65 forward offtake deals were publicly announced during Q3, up from 48 in Q2, which had already been a record.
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While Microsoft’s share of these deals decreased, with 7.8 million tonnes of CO₂ equivalent in contracts compared to 40 million in Q2, the surge reflects broader participation from other buyers. Notable participants included Nestlé, Apple, Google, Barclays, Netflix, and the governments of Singapore and Japan, among others.
Of the total deals, 41 were related to carbon dioxide removal (CDR), 17 to nature-based projects, and seven to other sectors such as clean cookstoves. The real number of transactions is likely higher, as many over-the-counter deals remain undisclosed—especially following recent political developments in the US.
‘There are now signs of a huge amount of growth across multiple carbon markets’, said Hannah Hauman, global head of carbon trading at Trafigura. ‘It’s kind of bubbling up everywhere’, she told Bloomberg.
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Despite this momentum, some developers still face challenges securing final buyers, partly due to policy uncertainty and shifting market sentiment. Companies are waiting for clearer guidance from the Science Based Targets initiative on the role of carbon credits in net-zero claims.
An estimated total capital of $4.9 billion flowed into the carbon market in Q3, just 1% higher than the same quarter last year. Equity investment into carbon-focused companies more than doubled to $407 million—the highest since early 2024. The quarter’s standout deal was a major investment in Climeworks, with other significant raises from Chestnut Carbon, ATEC, Puro.earth, and Equatic.
‘The vibe is a bit less anxious and nervous than I observed in the first few months of the year’, said STX CEO Marijn van Diessen during New York Climate Week. ‘If you actually look at real policy, very little has changed, and there is still a lot of support for environmental markets.’
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As record-breaking carbon offtake deals and rising equity flows underscore growing confidence in the voluntary carbon market, one trend is unmistakable: the shift from promise to performance. High-quality, transparent projects—especially nature-based ones—are now defining the next phase of carbon investing. At Green Earth, we translate this momentum into tangible results, offering businesses access to verified, premium carbon credits and clear pathways toward measurable impact. By helping businesses decarbonise while improving efficiency and strengthening their reputation, we create pathways where growth and sustainability advance together. If you’re ready to take the next step toward lasting impact, now is the time to act with Green Earth.
